Fed Minutes Send US Stock Markets Into Reverse

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2018-02-22 HKT 05:24

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  • Wall Street closed lower after Federal Reserve minutes hinted at more interest rate rises. File photo: AP

    Wall Street closed lower after Federal Reserve minutes hinted at more interest rate rises. File photo: AP

US stocks gave up an early gain and ended lower on Wall Street on Wednesday as a late afternoon spike in bond yields sent investors heading to the exits.

Bond yields rose on Wednesday after the Federal Reserve released minutes from its latest policy meeting which showed bullish sentiment among policymakers. That signaled more interest rate hikes ahead.

The yield on the 10-year Treasury note rose sharply after the minutes came out, touching 2.95 percent, its highest level since January 2014.

Technology stocks, which led the early gains, ended lower. Nvidia lost 3 percent.

The Standard & Poor's 500 index fell 0.5 percent to 2,701.

The Dow Jones industrial average fell 0.7 percent to 24,797. The Nasdaq composite lost 0.2 percent to 7,218. (AP)